Deals

SocGen Buys Commerzbank Markets Unit to Boost Germany Growth

French bank says deal will reinforce derivatives, ETF position
Sees deal having positive impact on return on tangible equity

Societe Generale will buy Commerzbank’s equity markets and commodities unit. Bloomberg’s Russell Ward reports.(Source: Bloomberg)

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By Fabio Benedetti Valentini

July 3, 2018 at 5:02 AM UTC

Updated on

July 3, 2018 at 12:19 PM UTC

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Societe Generale SA is acquiring Commerzbank AG’s exchange-traded products and market-making operations as it expands in Europe’s largest economy.

The French bank fended off competition from bidders including Goldman Sachs Group Inc. for the business, which generated more than 350 million euros ($406 million) of revenue last year. SocGen will take over investment products and asset management businesses in cities including London, Paris and Hong Kong as part of the deal, it said in a statement on Tuesday.